Homework Answers
Retain earnings end of the year =260000
Net income =70000
Divident paid =22000
Retained earnings in the begning of the year = Retained Earnings + Dividends - Profit/ Loss
=260000+22000-70000
=212000
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Question 2011 pored Laure lit had retaired earnings at the end of the year of $260000....
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
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